In The Commissioner Of Income Tax-1 v. M/S. Chilka Overseas Pvt. Ltd, the High Court (2013) dismissed the appeal. The decision went in favour of the assessee.
Issue: Whether on the facts and circumstances of the case and in law, the Tribunal has erred in directing the Assessing Officer to allow netting off interest for the purpose of computation of deduction u/s.
Decision: 3)In view of the above, appeal is dismissed with no order as to costs.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
ASN
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO. 1686 OF 2011
The Commissioner of Income Tax-1.
v.
M/s. Chilka Overseas Pvt. Ltd.
..Appellant.
..Respondent.
Mr.Vimal Gupta, Senior Advocate i/by Padma Divakar for the Appellant.
Mr. S.P. Mehta for the Respondent.
CORAM : J.P. DEVADHAR AND
M.S. SANKLECHA, JJ.
DATE : 4[th] February, 2013.
PC:
In this appeal by the revenue, following question of law
has been raised for our consideration.
Whether on the facts and circumstances of the case
and in law, the Tribunal has erred in directing the Assessing Officer to allow netting off interest for the purpose of computation of deduction u/s. 80HHC?
2)Counsel for the parties state that issue in this appeal stands covered in favour of the assessee and against the revenue
ASN
in view the decision of the Apex Court in the matter of ACG Associated Capsules Pvt. Ltd. v. Commissioner of Income Tax reported in (2012) 343 ITR 89 (SC). Thus, we do not entertain question as proposed.
3)In view of the above, appeal is dismissed with no order as to costs.
(M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)
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